1 2 3 4 5

Revenue 4000000 4600000 5290000 6083500 6996025

operating expenses 3100000 3565000 4099750 4714712.5 5421919.375
Growth rate 15% 15% 15% 15%
operating profit 900000 1035000 1190250 1368787.5 1574105.625
Depriciation 300000 345000 396750 456262.5 524701.875
EBIT 600000 690000 793500 912525 1049403.75
Interest 650000 590000 530000 469999.9 409999.7
EBT -50000 100000 263500 442525.1 639404.05
Less Loss carry forward 0 50000 0 0 0
Adjusted EBT -50000 50000 263500 442525.1 639404.05
Tax 40% 40% 40% 40% 40%
Tax amount 0.00 20000 105400 177010.04 255761.62
PAT -50000.00 80000.00 158100.00 265515.06 383642.43
Add depriciation 300000.00 345000.00 396750.00 456262.50 524701.88
NWC 200000 230000 264500 304175 349801.25
Less cahange in NWC 200000 30000 34500 39675 45626.25
Less principal payment 600000 600000 600001 600002 600003
capex 350000 402500 462875 532306.25 612152.1875
FCFE -900000.00 -607500.00 -542526.00 -450205.69 -349437.13
Interest (1-T) 390000 354000 318000 281999.94 245999.82
Prinipal repaid 600000 600000 600001 600002 600003
FCFF 90000.00 346500.00 375475.00 431796.25 496565.69
Debt 5900000 5300000 4699999 4099997 3499994
Equity 1950000.00 2030000.00 2188100.00 2453615.06 2837257.49
Debt + Equity 7850000.00 7330000.00 6888099.00 6553612.06 6337251.49
Debt% 0.751592357 0.72305593 0.682336157 0.625608743 0.5522889545
Equity% 0.248407643 0.27694407 0.317663843 0.374391257 0.4477110455

D/E 3.025641026 2.61083744 2.147981811 1.671002541 1.2335834912

Beta UL 1.06557377 1.06557377 1.06557377 1.06557377 1.0655737705
Beta L 3 2.73479771 2.438873617 2.133919657 1.8542582977
COE 25.50% 24.0% 22.4% 20.7% 19.2%
WACC 10.84% 11.00% 11.21% 11.52% 11.9%

Terminal Valu 28611824.943

FCFF 90000 346500 375475 431796.25 29108390.63

110.84% 111.00% 111.21% 111.52% 111.9090787%
pV 81195.23057 281245.136 272961.7507 279197.0596 16584087.957
NPV 17498687.13
Value of equity 11598687.13
Bl=Bul(1+(D/E)(1-t))

COE=Rf+Bl(RM-Rf)

RF=9%(from 1set year COE)